DS Smith has upgraded its full-year earnings to be ahead of market expectations due to savings from its acquisition of SCA Packaging and growing volumes.
The packaging giant said better than expected synergies from last year’s €1.6 billion takeover of SCA's packaging division mean increased cost savings this year. CEO Miles Roberts said the group is outperforming its targets and will make savings of €40 million, up from the estimated €25 million, which will boost the group’s full-year earnings.
Synergies have been found in procurement and transport operations as well as back office roles at its head office.
In October DS Smith reviewed upward its expected savings from the acquisition of the Swedish packaging business from €75 million to €100 million in the first three years. (26 April)
© 2013 - ESM: European Supermarket Magazine by Sadhbh Connor
